Title
A RESOLUTION DECLARING IT NECESSARY TO BUILD OR REPAIR EXISTING BRIDGES IN THE COUNTY UNDER THE AUTHORITY OF K.S.A. 68-1103; PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS TO PAY THE COSTS THEREOF; AND PROVIDING FOR PUBLICATION OF THIS RESOLUTION AS REQUIRED BY LAW (2018 BRIDGE PROJECTS).
Presented by: Lindsay Poe Rousseau, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Resolution declares an intent to make improvements to bridges and authorizes the issuance of general obligation bonds in an amount not to exceed $2,850,000 to pay the County's share of the costs thereof and associated bond issuance costs. The bridges to be improved are as follows:
CIP No. Project Description Cost Estimate
B-471 Bridge on 53rd St. North
between 231st St. West and 247th St. West $700,000
B-472 Bridge on 295th St. West
between 45th St. North and 53rd St. North 550,000
B-478 Bridge on Pawnee
between 127th St. East and 143rd St. East 800,000
B-479 Bridge on Pawnee
between 143rd St. East and 159th St. East 800,000
Total $2,850,000
Analysis: This resolution establishes the County’s right to fund expenditures for certain projects with available cash and then reimburse the cash accounts with the proceeds of a subsequent bond issue. It also authorizes the sale of bonds to provide permanent financing for those projects. Thus, it provides a mechanism through which the projects can be expedited and the permanent financing of the projects can be delayed until an optimal future time.
These projects are included in the 2018 adopted Capital Improvement Program, and are programmed to be funded with bond proceeds.
The bonds authorized in this resolution are scheduled to be sold in 2018. The resolution will permit reimbursement of expenditures incurred up to 18 months prior to the date of the bond sale or completion of the projects, whichever is first.
Alternatives: This project could be funded with the portio...
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